ON Semiconductor Buys Synaptics, Stock Drops 20%

CNBC reports ON Semiconductor announced an all-stock acquisition of Synaptics, broadening its push into physical AI. CNBC reports the company said the deal increases its addressable market by an additional $30 billion, to $243 billion by 2030, and that the transaction is expected to close in mid-2027. CNBC quotes CEO Hassane El-Khoury saying the acquisition is "complementary to everything we have done on a very strong foundation," and that the deal opens new markets including an AI-centric compute platform. CNBC reports ON Semiconductor expects to generate $200 million in annual synergies within 18 months. Market reaction was sharp: CNBC reports the stock fell about 20% after the announcement. Stocktitan reports the transaction values Synaptics at roughly $7 billion with an exchange ratio of 1.350 ON shares per SYNA share, about a 19% premium.